The Australian
Two of the red-hot lithium sector’s key players are poised to merge in a $700 million union that will consolidate ownership of the nation’s newest lithium mine.
Galaxy Resources and General Mining, who are joint venture partners in the Mt Cattlin lithium operation in Western Australia’s south west, simultaneously entered trading halts on Thursday.
Galaxy, the bigger of the two, said the halt was in relation to an acquisition while General said it was preparing to announce “a potential corporate control transaction”.
The two have a combined market capitalisation of around $700 million, with both stocks having appreciated by around 1400 per cent over the past year on the back of the boom in lithium stocks.
